Diamonds are precious. But Canadian diamonds are priced 10% – 20% higher than any diamonds in the world. What is the reason behind this? Some people say they are the most beautiful. Others say they are the best quality diamonds. Is this true?
Let us find out the reason behind expensiveness of Canadian diamonds.
High Processing Costs
Hailing from the Tundra region Canadian diamond processing needs some special machinery to operate which is very expensive. As the workers are from the remote area, the company have to bear the accommodation costs too. This results in the high processing costs of Canadian diamonds.
Challenging Mining Conditions
The mining areas are very remote from the Northwest Territories and the by-road connectivity is available there. Some temporary ice roads are built on the frozen lakes to connect these regions which lasts only six to eight weeks. After that, the transportation is done by the air route which is very expensive.
When you book a Canadian diamond, you can track it from its original source up to coming in your hand. This is the unique feature of this jewel. However, this results in additional expenses as every tracking process is being audited.
In fact, Canadian diamonds are only mined from Canada but not finished there. Most of the cutting and polishing process is done in some other countries like India, Belgium, China, Israel, or Vietnam. This may be counted as one of the reasons for the high costs.
Canadian government levies higher taxes and tariffs on the diamond industry. Which directly affects the price of Canadian diamonds. High labor cost is also the other reason.
Sustainable and Ethical
The Canadian government is very strict on environmental standards. Though no mining can be totally safe for the environment, Canadian mining keeps watching the effect and tries to maintain it. So, the sustainability of the Canadian diamonds is doubtless.
After the implementation of the Kimberly Process in 2003, only conflict-free and legitimate diamonds could be sold in the market. Therefore, we can say that Canadian diamonds are ethical.
Authenticity and Certifications
One of the main reasons for the expensiveness of Canadian diamonds is their authenticity and certification.
You can easily identify a Canadian diamond by its authentic CandaMark engraved on it and its ID number. It looks like – CM-X0X2X. Anyone can trace it by the serial number written beside the CanadaMark.
A Canadian diamond goes through many certification processes. Those are the GNWT diamond certification program, CanadaMark, or the Canadian Diamond Code of Conduct. A consumer gets a birth certificate with the diamond stating its origin, weight, quality, cutting, and serial number for tracking. Obviously, all these processes demand extra costs for it.
Summing up, now you have a broad idea about why Canadian diamonds are so expensive. But all costly things may not be the best in the world. The beauty of a diamond does not depend upon its origin, it totally depends upon its cutting and polishing technique. A fine-tailored and smoothly polished diamond is the unmatched one in the universe.